Ohio
More Americans need a 6-figure income to afford a house, study finds. But not in Ohio
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Traditionally listing your home in Spring would’ve helped you fetch a better price, but according to new data, waiting until June may get you more.
Americans in about half the states in the U.S. need a six-figure income to afford a typical home, according to a recent study. But that’s not true in Ohio.
A combination of high mortgage rates, rising home prices and low housing inventory over the past two years is pushing the dream of owning a home further out of reach for many, especially first-time buyers, according to a new analysis from Bankrate. Nationwide, the median price of a home is $402,343. To afford that, Americans need an annual income of $110,871, the study says, a nearly 50% increase in the past four years.
At the state level, the site’s analysis found Americans need to earn six figures to afford a median-priced home in 22 states and the District of Columbia. Four years ago, only six states and the District of Columbia required a salary that high.
Where does Ohio rank for home affordability?
Ohio is one of the most affordable places in the country to own a home, coming in at No. 2 on Bankrate’s analysis. On average, Ohioans need to earn $64,071 per year to afford a median-priced home of $215,300. That income is up 41.1% from $45,397 in January 2020, but the median price for a home in Ohio is the lowest in the nation, according to Bankrate. Iowa ($223,500) ranks second for median home price.
Only Mississippi needs less income for homeownership, at $63,043. The Buckeye State is followed by Arkansas at $64,714, Indiana at $65,143 and Kentucky at $65,186. In general, aspiring homeowners in the South and Midwest need the least income to afford a typical home, the study says.
Which states require the most income to own a home?
Aspiring homeowners in the West and Northeast need the most income to afford a typical home, according to the study. The places that need the highest annual salary to afford a typical home include:
- California, $197,057
- Hawaii: $185,829
- District of Columbia: $167,871
- Massachusetts: $162,471
- Washington: $156,814
Renting is tough, too: Akron and Cleveland among the worst places to rent in the US, according to recent study
Rising house prices mean more income needed to afford a home, but wages aren’t keeping pace
Would-be homeowners need to make $110,871 annually to afford a median-priced home ($402,343 per Redfin) in the U.S., according to Bankrate’s calculations.
That’s almost a 50% increase since January 2020, when potential homebuyers only required an annual income of $76,191 to afford a typical home. However, wages only grew 23% between the fourth quarter of 2019 and November 2023, according to a Center for American Progress analysis of Bureau of Labor Statistics data.
Also, a surge in mortgage rates has caused the income needed to afford a home to increase nationwide. Mortgage rates jumped more than three full percentage points in the last few years. In January 2020, the average 30-year fixed rate was 3.68%, compared to 7.07% as of March 20, according to Bankrate’s survey of large lenders.
American families have to contend not only with elevated home prices and high mortgage rates but also with a shortage of houses. Many homeowners who locked in ultra-low low mortgage rates during the pandemic are staying put to avoid today’s soaring mortgage rates, thereby shrinking the pool of available homes for sale.
States where income required to afford a home grew the most
People looking to buy in Montana have to earn 77.7% more than four years ago to afford a median-priced home there — the biggest percent increase across all states. Homebuyers in Montana must earn $131,357 annually to afford the state’s typical monthly mortgage payment of $3,065. The median home price in Montana was $507,100 as of January 2024, compared to $299,300 in January 2020.
Ohio’s 41.1% increase in the income needed to buy a home beats the national average of 45.5%.
Utah has experienced the second-biggest increase since January 2020 in income required to purchase a median-priced home, at 70.3%. People looking to buy in Utah must earn $133,886 annually to afford the state’s typical monthly mortgage payment of $3,124. The median home price in Utah was $525,500 as of January 2024, compared to $345,200 in January 2020.
The income required to purchase a typical home has increased by over 65% in three other states since the start of 2020: Tennessee ($94,371), South Carolina ($96,600) and Arizona ($110,271).
Ohio
Former Ohio Treasurer Josh Mandel threatened with jail in divorce case
Ohio
New Richmond, Ohio teen lands record 101-pound blue catfish: See the mammoth catch
Ohio teen catches 100-pound blue catfish
15-year-old girl Jaylynn Parker, a sophomore from New Richmond, Ohio, caught a 101-pound blue catfish.
A 15-year-old girl from the Midwest beat the state record when she landed a mammoth blue catfish in the Ohio River.
With a touch of help from her dad, Jaylynn Parker, a sophomore from New Richmond, Ohio, snagged the 101-pound beast on April 7 in Clermont County, the Cincinnati Enquirer, part of the USA TODAY Network reported.
New Richmond is a historic village on the Ohio River, about 20 miles southeast of downtown Cincinnati.
Jaylynn caught the massive catfish jugging – when a person lets bait dangle beneath a free-floating canister attached by a line to a fixed point like a tree trunk or something else on shore. The process is sometimes also called juglining.
The Outdoor Writers of Ohio, who crowed Jaylynn with the title over the weekend at a conference, keeps Ohio’s official angling records, Fred Snyder, chairman of the Outdoor Writers of Ohio Record Fish Committee, told the Enquirer.
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What’s the Ohio state record for blue catfish?
Jaylynn’s catch weighed precisely 101.11 pounds and spanned 56 inches long and 39 inches around.
The fish was so heavy, Jaylynn’s father, Chuck Partner, and family friend, Jeff Sams, helped the teen pull it in.
It was not immediaty known whether the teen used a lure or bait to reel the fish in.
Photos taken of Jaylynn’s huge snag show the teen posing behind the fish grinning ear to ear.
Video obtained by the USA TODAY Network shows the fish being released back into the river after the catch.
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How much did the previous blue catfish caught in Ohio record weigh?
The standing record blue catfish − a 96-pound fish, was pulled from the Ohio River in 2009 by rod-and-reel angler Chris Rolph of Williamsburg.
What is the world record blue catfish?
According to Field and Stream, the biggest known blue catfish caught weighed 143 pounds and was reeled in by Richard Nicholas Anderson from Kerr Lake in Virginia on June 18, 2011.
Anderson used chicken as bait to lure the monster, the American magazine reported.
Contributing: Bebe Hodges with the Cincinnatti Enquirer and Dave Golowenski, special to the Columbus Dispatch.
Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at nalund@usatoday.com and follow her on X @nataliealund.
Ohio
Northeast Ohio Weather: Showers this morning; gradual clearing this afternoon
CLEVELAND, Ohio (WOIO) – A cold front is working its way through the area today. There will be a risk of showers through early afternoon then the clouds will clear out from west to east this afternoon. Afternoon temperatures around the 70 degree mark in most towns. A clear sky and light wind tonight will allow for temperatures to dip into the 40s. A warmer day in store tomorrow with sunshine in the morning followed by some building clouds in the afternoon. Another cold front is forecast to track through Wednesday evening. There is a slight chance of a passing shower later tomorrow afternoon, but most will not see any rain with this guy. High temperatures will be approaching 80 degrees. Sunshine in the forecast Thursday.
Copyright 2024 WOIO. All rights reserved.
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